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Olam International claims 100% traceable cocoa from its directly sourced supply chain By Anthony Myers Olam International, the global food and agri-business with cocoa now under its Olam Food Ingredients (OFI) division, has released its 2020 Annual Report, claiming to have met its target for 100% traceability of its directly sourced cocoa.
Outlining the company’s financial and non-financial performance for the year the report states that Olam has successfully navigated the pandemic to emerge stronger, delivering robust operational financial performance in 2020 with a strong execution of the Group’s Strategic Plan to drive sustainable growth.
Olam also said it has made significant progress on its Re-organisation Plan to ‘unlock and maximise long-term sustainable value via carve-out, IPO and concurrent demerger of Olam Food Ingredients (OFI) and pursue similar strategic options for Olam Global Agri (OGA)�
Olam reports robust 2020 performance By Anthony Myers Olam has reported a strong operating performance across its new structure, which includes its cocoa business in Olam Food Ingredients (OFI).
The company said revenue was up 3.3% to S$12.5bn ($9.1bn), mainly driven by volume growth as well as higher average selling prices in the Value-added Food Ingredients & Solutions segment.
Results Snapshot
H2 2020 Operational PATMI up 90.1% to S$475.7 million
Lower reported PATMI in H2 2020 (-S$87.0 million) and 2020 (S$245.7 million) from prudent one-off impairment mainly from Olam Palm Gabon (OPG)
Strong operating performance growth of 43.3% for OFI in H2 2020 after Covid-19 impact in H1 2020
Drake & Scull International presented the Plan in tandem with Aaronite Partners, which was appointed as the expert by the Financial Re-organisation Committee made of past lenders to the company.
It’s not known what the immediate options would be for Drake & Scull if trade creditors do not approve the Plan. Would it mean that the independent expert will have to come up with a reworked plan of action or something much broader?
Drake & Scull’s problems came to light in 2019 after the company said it was suffering from accumulated losses of well over Dh4 billion.